Bitcoin price has taken the low road as the market sells off prior to the block reward halving. Bitcoin price, how low will you go?
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Time of analysis: 15h00 UTC OKCoin BTC/USD 15-Minute Candle Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price has done the expected unexpected and stepped over the edge.
Those lucky so-and-so’s at xbt.social had a Sell trade open at 04h15 UTC when a valid sell signal (red arrow) was emitted across the timeframes we track (signal restricted to subscribers).
Fib extension targets for the declining price wave are near $600 and $550. The Fib extension tool is drawn across the length of the declining wave that starts at the top-left of the chart.
A wave count for the initial declining wave is annotated: i-ii-iii-iv-v. Now that we have another declining wave unfolding, it is possible to apply Elliott Wave principle to the chart: the initial declining wave is assumed to be wave 1 of decline. A triangle (magenta trendlines) formed wave 2 – a classic bitcoin chart pattern that has defied wave counts since 2012 – its two potential termination points are labeled “B/2”.Presently we’re in wave 3 of decline – its speed and distance fits with 3rd wave behavior and we can further anticipate that wave 3 will decline to one of the Fib extension targets mentioned above.Note that today’s wave 3 to the downside does not yet exhibit subwave articulations as we see in wave 1. This implies that it is still in its own internal subwave i with subwave ii now forming and we expect subwaves iii and v (each to the downside) to haul great distance.An […]
